The 30-year fixed-rate mortgage surged to its highest average of the year this week, reaching 4.21 percent, Freddie Mac reports in its weekly mortgage market survey.“The 10-year Treasury yield rose about 10 basis points this week,” said Sean Becketti, Freddie Mac’s chief economist. “For the first time in weeks, the 30-year mortgage rate moved with treasury yields and jumped 11 basis points to 4.21 percent. The strength of Friday’s emplo
Real estate investor Sidney Torres is dishing on his big secret to making millions in real estate: Buy, don’t sell.Torres says the priority is to have a smart buying strategy where you truly can net the most profits, not in the renovations.“A lot of people think, ‘Oh, I’m going to go in there and I’m going to renovate [the property] for a lot less, and that’s where I’m going to make my money,” says Torres, the host of CNBC’s “
Americans have, so far, stood resilient to rising mortgage rates, but a bigger impact will come soon, say Goldman Sachs economists.Housing’s share of the economy rose above normal levels from November to January, despite mortgage rates surging 60 basis points at the time.Still, economists caution that there may be a lag to the impact of rising rates and particularly their effect on home prices. In an analysis—pulling data from past 100-basis
Borrowers are getting spooked by rising rates and, as a result, they’re rushing to lock in rates before any further increases. That’s pushing mortgage application volume higher, increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday. Buyers are also increasingly turning to adjustable-rate mortgages to try to get more savings in their monthly payments too."Mortgage rates increased last
Millennials and baby boomers often steal the spotlight in real estate. But Generation X says it’s time for the housing market to pay more attention to them instead. Gen Xers are the only generation to purchase more homes last year than they did the previous one, according to the National Association of REALTORS® Home Buyer and Seller Generational Trends survey.Gen Xers, aged 37 to 51, made up 26 percent of home buyers in 2015, but grew that pe
Millennials are becoming a powerhouse in the real estate market, accounting for 84 percent of closed loans in January. And they’re increasingly turning to Federal Housing Administration loans, those that offer low down payment options, to achieve homeownership.In January, 35 percent of millennials used an FHA loan, according to Ellie Mae’s Millennial Tracker.“As the purchase market heats up, we will continue to watch the FHA purchase trend
Wells Fargo & Company says its new initiative aims to help at least 250,000 African-Americans become homeowners over the next decade.The bank giant says its initiative is directly in response to the lower homeownership rates among the African-American community. Wells Fargo will devote $60 billion to qualified African-American consumers for home purchases by 2027. It also will devote $15 million to support several initiatives that promote fin
Mortgage rates broke a month long holding pattern and inched lower this week."The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1 percent,” says Sean Becketti, Freddie Mac’s chief economist. “Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis point range. The range of movement for the 30-year has been half that, just 11 basis points."Freddi
A slight decline in mortgage rates sent total mortgage application volume up 5.8 percent last week on a seasonally adjusted basis compared to the previous week, the Mortgage Bankers Association reported Wednesday. Applications for home purchases, a gauge of future homebuying activity, rose 7 percent, while refinance applications increased 5 percent, reaching the highest level since December.Still, applications should be much higher, the MBA note
More borrowers are choosing non-banks—financial institutions that only issue loans and do not offer savings or checking accounts—to get a mortgage, The Washington Post reports. It's a major shift in borrower behavior. In 2011, 50 percent of all new mortgage loans originated from the three largest banks: JPMorgan, Bank of America, and Wells Fargo. However, in September 2016, that share plunged to 21 percent.During that time, non-banks emerged
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